The importance of writing a will cannot be underestimated. After all, everybody wants to make sure that their loved ones are looked after once they are no longer here. However, this can unfortunately not always be the case – even if a will has been constructed. Why? Because individuals fall victim to the following common mistakes when devising their Hong Kong will…
- Neglecting Yearly Updates – The most frequent mistake people make is that they forget to check their will every year. You need to think about how easily and often your situation can change. From marriages to child birth; the reasons are extensive and you need to make sure your will reflects this.
- Substitute Executor – The role of the executor is of course to carry out your wishes stated in the will. However, there are instances whereby the executor you have selected may not be suitable anymore. For instance, they may have moved abroad. A lot of people do not have a substitute in place and this can be extremely problematic.
- Overlooking the Residuary Clause – Don’t make the mistake of forgetting about the residuary clause. What is this? Essentially this will state what happens in the instance that you have any assets left once the estate has been distributed.
- Choosing your Beneficiaries to be Witnesses – This is a huge error because it really undermines the authority of your will. There can easily be accusations that the signature was obtained through fraud.
- Being too Specific – Writing your will to the exact dollar is not recommended. After all, the amount at money nowadays may not be relative to the time it was given out.
- Forgetting about Personal Possessions – A lot of people make this mistake because personal possessions are arguably not the most important aspect. Instead people tend to turn all their attention to their property and financial management.
To avoid these common mistakes and to ensure your will is written to perfection it is highly recommended that you seek the aid of a professional will writing service. After all, a will is not always as straight forward as one may imagine. This is especially the case if any of the following apply to you…
- You want to make a provision for a dependent who is not able to care for themselves
- You share a property with someone who is not your legal partner (i.e. wife, husband or civil partner)
- You are involved in a business
- There are several family members who may attempt to make a claim on your will. This is quite often the case when you have been married more than once.
- You own oversees property
- You have online possessions that have a financial or personal value. This is becoming more and more frequent when considering the dominance of the internet in the modern day.
The importance of finding the best company to help you with this cannot be underestimated. Thankfully you do not need to search far because Taylor Brunswick Groups have all the experience, expertise, knowledge, contacts and resources you could possibly need. They have strategic partnerships with the best individuals in the industry and can ensure your will is perfected without you spending extortionate amounts. They are the number one solution for asset management Hong Kong.